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19 August 2019 21:30

Oil Spill Dispersants Market Surpass US$ 23.6 billion by 2026

Oil Spill Dispersants Market size is expected to reach around US$ 23.6 billion by 2026 and will grow at significant CAGR around 3% throughout the forecast period 2019 to 2026.

Oil spill accidents are common and significant threat to aquatic life and the marine environment. Dispersants are chemical agents (similar to detergents) used to breakdown the layer of oil into small particles and dilute the oil slick to mix with water. In other words, oil spill dispersants are liquids that are sprayed on spilled oil on the sea to disperse the oil into the water column. Dispersants have lipophilic and hydrophilic ends, which have an affinity for oil and water. Oil droplets disperse with wave energy, then repel each other and usually do not coalesce. Corexit 9500 is a dispersant that is widely used in the Deepwater Horizon Spills. Accidental spills can also occur beneath the sea surface due to blow outs of oil exploration wells such as BP Gulf of Mexico disaster in 2010 caused by pipeline ruptures, and shipwrecks. Oil leaking from a pressurized underwater does not easily come to the surface which leads to exposure of harmful contaminants to plankton.

Global Oil Spill Dispersants Market: Trends & Demands

Historically, 47,000 tons of oil lost between 2010 and 2017 caused by 53 oil spills. More than 80% of this lost amount was occurred by only 10 major incidents from total 53 spills during the same period. In 2017, approximately 7000 tons of oil was lost to the environment. Two large spills recorded in 2017. The first large spill occurred in June when a tanker sank in the Indian Ocean with over 5000 tons of oil on board. The second incident involved the sinking of a tanker off the coast of Greece in September. It spilled about 700 tons of oil. These incidents results increased the demand for efficient dispersants. However, there are many regulations and prior permission to be sought before using dispersants on spilled oil on water. Use of dispersants on spilled oil in water depths of 20 meters is only allowed after permission has been granted. Implementation of rigid regulations and lack of efficient dispersants are anticipated to restrain the market during forecast period.

The global market of oil spills is divided into offshore and onshore based on application. With 70 percent of market share in 2017, the offshore application segment led the market. The incidents of offshore crude oil spills have a higher frequency than onshore crude oil spills, which lead to an increased utilization of offshore oil spills. Offshore and onshore products are the global market for oil spills.

North America is expected to dominate the Oil Spill Dispersant Market

According to the region, North American, Europe, Asia-Pacific, Latin America, and Middle East & Africa are the global oil spill distribution markets. The oil-dispersing supplies market with an estimated market share of 29 percent is estimated to dominate North America in 2025. In the North American region, there will be large petroleum plants and frequent oil spills. Further strengthening the recovery measures for oil spills in the region are strong regulatory implications and the highest level of environmental awareness.

ACME Environmental is Likely to Continue to Lead the Global Oil Spill Dispersants Market

The Oil Spill Dispersants market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are ACME Environmental, Inc, Blue Ocean Tackle, Inc, Canadyne Technologies, Chemtex, Inc., and Desmi A/S.

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